Crestmark partnered with Comdata in launching Comdata QuickPay, which is a new financing solution that gives fleet owners access to same-day payments on the loads they deliver. Carriers can get paid within 24 hours of delivery instead of waiting the standard 30 days for payment transactions to process. The program also helps fleets improve cash flow and scale their businesses by providing a way to access shipper payments directly on a Comdata fuel card.
“Comdata and Crestmark have long histories of helping customers improve their cash flow through innovative financing solutions,” Justin King, senior vice president of product and innovation, North America, for Comdata, said. “On average, fleets have to wait 30 or more days to be paid on a delivered load, and that’s a challenge in times of economic uncertainty. We developed this solution to provide faster funding options to give fleets a stronger financial footing and much easier access to those payments through their existing Comdata fuel card or bank account.”
Comdata QuickPay enables fleet owners to begin factoring invoices to Crestmark upon delivery.. By minimizing the payment window to same or next day payment, fleets can increase business cash flow and eliminate the process of collections.
“Crestmark is dedicated to delivering the highest quality financing solutions to Comdata’s customers during this time of financial uncertainty,” Heath Holdbrooks, president of Crestmark, said. “Crestmark funds thousands of same-day payments for invoices every day assuring that vendors and employees are paid on time to keep our customers’ fleets moving.”
